Free Metatrader indicatorThis is the modified version of Donchian channel indicator, popularly known as famous turtle indicator. I’ve modified it after removing 2 lines. The result is a single line, making a simple but one of the powerful indicator.

Buy: When price closes above Doda-Donchian line

Sell: When price closes below Doda-Donchian line

Stop-loss: Few pips away from Doda-Donchian line.

Works with any currency pair, CFD etc.



EURUSD-H4 with Doda-Donchian indicator

Recommendations:

  • Use higher time frame like H4. It works best there.
  • It happens many times that price kisses Doda-Donchian line, so it may triggers your stop-loss. So, place your stop loss few pips above / below this line.
  • Even if price moves above or below, that does not make any sense for change of signals. The candle MUST close above / below for confirmation.

Download Doda-Donchian MQL4 source code file

Download Doda-Donchian compiled file

Doda-Donchian Indicator with stop-loss feature
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https://www.dodacharts.com/wp-content/uploads/2010/11/metatrader-logo111.gifhttps://www.dodacharts.com/wp-content/uploads/2010/11/metatrader-logo111-82x82.gifadminForexIndicatorscandle,cfd,change,confirmation,currency,Doda,feature,file,h4,kisses,line,loss,modified version,MUST,pair,pips,Place,price moves,Recommendations,result,signals,single line,source code,stop,stop loss,time,time frame,turtle,version,WorksThis is the modified version of Donchian channel indicator, popularly known as famous turtle indicator. I've modified it after removing 2 lines. The result is a single line, making a simple but one of the powerful indicator. Buy: When price closes above Doda-Donchian line Sell: When price closes below Doda-Donchian line Stop-loss:...Technical Analysis of Stocks & Forex